Car battery manufacturer Clarios International has filed for an initial public offering (IPO).
Brookfield Asset Management (TSX:BAM.A), which acquired Clarios in 2019, was seeking to have the battery maker valued at more than $20 billion U.S. in an IPO.
Listing plans for Wisconsin-based Clarios come two years after Brookfield won an auction to buy the business from Johnson Controls International (NYSE:JCI) for $13 billion U.S. The takeover of Clarios was Toronto-based Brookfield’s second-largest deal on record.
Clarios, which produces batteries for gasoline-engine vehicles, has focused on operational improvements to enhance its earnings.
Clarios had a net loss of $248 million U.S. on revenue of $4.5 billion U.S. for the six months ended March 31, compared with a loss of $86 million U.S. on revenue of $3.9 billion U.S. for the same period a year earlier, according to the company’s IPO filing.
Clarios’ IPO is being led by Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM). The shares are expected to trade on the New York Stock Exchange under the ticker symbol “BTRY.” A date for the IPO has not been set yet.
